Here are 5 ways to find out If your business niche is profitable.
When selecting a business niche, it makes sense for you to choose something you’re an expert in and something that your audience is also interested in. Choosing the right niche that helps your audience solve their high-value problems is the key to your business success. But if you want to start a viable business, you also need to make sure your niche is profitable before you go all in.
What I’ve found works best is to start with exploring business niche ideas that you find interesting, then you will want to check each item on your list to see whether it’s a profitable one or not.
So, start by making a list of topics that you’re passionate about and topics you know your audience wants to learn about. Make a list of all the possible topics that spring to mind and then you can use the following methods to check whether those topics are profitable or not.
Firstly you want to start by checking Google’s search volume to see how many people are actually searching for each topic on your list. People need to be searching for your niche idea in order for you to have potential customers. The higher the number of searches shows you that people are actively looking for solutions to their problems within that particular niche.
For low-cost searches, you can use Google’s free keyword planner tool. You definitely won’t need to buy any ads; just take advantage of the free data it Google keywords offers. What you do is enter your keywords or idea and it will tell you how many monthly searches each term gets. Remember, this doesn’t tell you if it’s profitable, but just whether or not it’s popular that’s enough data to get you started.
Another thing you can do is to take your ideas and check on Amazon and other online marketplaces like eBay, Etsy, ShareASale, and ClickBank to see if there are products currently being sold there. If there are products for sale in your chosen niche, this tells you it is likely to be profitable. If a product or service has a lot of reviews, this also tells you that lots of people have purchased it. You can also conduct additional research like this by simply doing a google search for similar products.
This research is really useful because it also gives you an idea of what’s out there in the marketplace and it gives you enough data so you can make your product or service unique, so it stands out.
This is an important step to take, you’ll want to use social media, online forums, and sites like Quora to get an idea of the types of problems people are searching for solutions for. What’s interesting is that on sites like these, people will share their problems and also ask for help. So, if you can step in and offer a product or service that solves their problem, you’re virtually assured to make sales. People will usually pay good money for anything that is going to help them save time, money, or reduce overwhelm and headaches.
What I’ve found works best in my business is to ask my audience directly. Long before the internet, companies would pay a great deal of money to have interest groups discuss potential product ideas. And they could get valuable insights from these discussions. The good news is you can do this yourself now by pitching ideas to your social media followers, groups you a part of, or your email list. They will tell you directly what they would like to buy or what problems they need help with and maybe even how much they’re willing to pay to get a problem solved.
Once you have come up with a great idea, the next step is to test it out, you can do this by creating a simple landing page and offering pre-sale on the product or service you are developing. Then you will want to drive traffic to your page and if you see people responding and interest in buying, then voilà you’ve found yourself a profitable niche.
Do you want to learn more about choosing the perfect niche for your new business or how you can up-level your existing niche?
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